we have jim chanos here. into this deal. >> bank of england was unch and then also didn't increase the bond buyout. basically unchanged, as well. some people thought they might increase it. >> we have the ecb coming up in about 45 minutes. time warner is spinning off its time inc. unit into a separate publicly traded company. time inc. publishes popular magazines like "time," "sports illustrated," "people," fortune. they expect the spinoff to be completed by the end of the year. costco is reporting a 6% sales increase for february, above street estimates of 5.1% increase. joe? >> let's head to andrew for a preview of this morning's big guests. who's coming up? >> hey, joe. we're in new york city at the wharton economic summit. i should say the slogan bridging the divide between business and public policy. we have a lot of different issues to cover. we have one of our great "squawk" friends, wharton finance prefeeser jeremy siegel. he's been calling the market to go up. so we're going to talk to him in just a

jim chanos is our guest today. we started out talking about china. why don't we end up there, too? >> avoid anything with the chinese property markets, steel, cement, iron ore. >> can you short australia too, jim? >> certain parts of australia are going to feel this, not the whole country. this is -- the bubble is just being blown bigger and bigger and bigger and it is hard to avoid. . three years ago this was somewhat controversial but when a property bubble is visual, you can't miss it. >> emerging markets somewhat dependent on china, too? asia? >> depends. some are. some less so than others. >> to be on your radar screen. >> should just be careful, anything dependent upon the chinese economic miracle, i would be careful of. >> bigger shorts on, stuff we have been talking about for years? >> broadening out from china to construction equipment, things like that. >> jim, thank you very much for being here in studio. always a pleasure. andrew, jeremy siegel, thank you guys so much for everything from new york. you guys did a great job, great guests and jeremy, we are looking forward

. >> we had jim chanos on the program last week.ery skeptical about china for some time. but he thinks that the property bubble at this point is reaching some dangerous levels. do you worry about that, too? >> you know, there is fundamental demand for housing in china because of urbanization and rising incomes. but that doesn't mean that investors and builders haven't gotten ahead of the market. >> we saw the 60 minutes piece with all of these empty cities. you have a lot of investors who have bought properties, empty properties and are holding them purely as investment. as long as they're willing to hold them, that can persist for a long time. but as soon as they want to exit them, that creates a big overhang in the market. and then if you look at developers, developers have said over the past year that they've gotten rid of a lot of their inventories. but the reality is that the pipeline, if you compare the pipeline of under construction relative to the last 12 months sales, that ratio is at an all-time high. and, in fact, for off

hedge fund manager jim chanos.y and legendary investor, michael steinhardt. >>> the dow crossing at an all-time high. what are you doing with your money. for market news and analysis that will impact your portfolio, watch "squawk box." make smarter investment decisions. (announcer) scottrade knows our clients trade and invest their own way. with scottrade's smart text, i can quickly understand my charts, and spend more time trading. their quick trade bar lets my account follow me online so i can react in real-time. plus, my local scottrade office is there to help. because they know i don't trade like everybody. i trade like me. i'm with scottrade. (announcer) scottrade. voted "best investment services company." >>> we're less than 30 seconds away from the unemployment look for february. we'll see how things are setting up, we have green arrows that could change in 10 seconds. dow could open up four points higher. steve has the number. >> you got it. 198,000. the total private payroll will rise by 198,000. january w

chanos. man, "the post" went wild on this. jimown short seller, and "the post" is basically saying that chanos had ackman's back on the whole herbalife, whatever, bill's best friend they called him. chanos yesterday said i'm not crazy for this multilevel marketing business. i said yesterday that i thought a lot of the products were just the best you could say about them is that they won't hurt you, probably. but that there's never been any effectiveness proven. i said same with half of the gnc stuff. you can throw whole foods there there as far as i'm concerned. the big high market stuff that doesn't have preservatives to keep it fresh. anyway, herbalife got mad at me. but, fair enough. julian is the -- julian is the vice president of worldwide corporate communications, i think he's been like recently had a lot of stuff to do, you know, being head of corporate communications. >> he's a little stressed. >> he's mad. he said i was dismissive of the product in terms of science and effectiveness. but given my prominence -- i didn't re